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Revenue was up by +23.6% from 25.4 million Euro in H1 2009 to 31.3 million Euro in H1 2010 at Adenclassifieds (ADEN:PAR), the recruitment, training and property internet portal, which is majority-owned by the Figaro Publishing Group.
Half year results for the six months ended 30 June 2010 announced last night show that EBITDA fell by -18.9% from 4.4 million Euro in H1 2009 to 3.6 million Euro in H1 2010 whilst net profit was up by +12.7% from 1.2 million Euro in H1 2009 to 1.3 million Euro in H1 2010.
Revenue from the group's recruitment activity was down by -3% on the first half of 2009 to 18 million Euro or down by -7.1% like-for-like. Training activity recorded revenue of 2.1 million Euro, an increase of +1.7%, whilst property activity recorded revenue of 11.2 million Euro, a surge of +137% (and an increase of +12.1% like-for-like).
At the same time, the improvement in the recruitment and property markets was confirmed in the first half of 2010, with a substantial upturn in consolidated orders to 30.3 million Euro, a jump of +45.9% or +9.4% like-for-like. Orders for the group's recruitment activity notably increased by +19.6%, or +14.3% like-for-like, in the first half of 2010, reflecting the time lag Adenclassifieds records between receiving orders and recording revenue.
Adenclassifieds' CEO, Thibaut Gemignani, commented "our results for the first half of 2010 illustrate Adenclassifieds' new scope, but have been affected by the time lag between our orders and our revenue. The growth in orders over the first half of 2010 shows, as expected, our ability to make the most of the signs of a recovery and to accompany recruitment, training and property professionals, thanks to the quality of our sites and our teams. This should allow us to improve our results over the second half of 2010."
Pierre Conte, Chairman of the Board of Management, added "the first half of 2010 is encouraging, and validates our strategy. In the face of free sites, our upmarket positioning is proving its worth. Our sites are highly acknowledged and our clients know that we can guarantee them quality contacts. The broadening of our offer to include mobile use for increased convergence is enabling us to emphasise our assets and our differences."
In early trading Adenclassifieds' shares were unchanged at 19.81 Euro.